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How to enter information on Form 656 in Miscellaneous package in SureFire?

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📊 Step-by-Step Guide

Step 1: Understand what Form 656 is

An Offer in Compromise is an agreement between the taxpayer and the government that settles a tax liability for payment of less than the full amount owed.

Step 2: Select Business or Individual (Page 1)

You must indicate this form as either Business or Individual.

• If you select the Individual check box, you must enter:
  • T for taxpayer
  • S for spouse
  • J for a joint return
• Information will carry over from the Main Information Sheet.

Step 3: Read and select the appropriate check boxes (Page 1)

Read each item and select the appropriate check boxes.

Note: See the IRS instructions for Form 656 for more information.

Step 4: Enter the Reason for Offer (Section III) (Page 2)

Enter an explanation of the circumstances.

Step 5: Complete Low Income Certification if applicable (Section IV) (Individuals Only) (Page 2)

Read the information on screen to determine if you qualify for low-income certification.

Step 6: Enter Payment Terms (Section V) (Page 2)

Enter the amount of your offer and select the applicable check box for payment options.

Step 7: Enter Down Payment and Deposit details (Section VI) (Page 3)

Enter the applicable information for down payments and deposits.

Step 8: Enter Source of Funds (Section VII) (Page 3)

Enter the sources of funds that shall be obtained to make the offer in compromise.

Step 9: Choose Third Party Designee options (Section XI) (Page 4)

Select the applicable check box to indicate if you want another person to discuss this offer with IRS.

Step 10: If you select Yes, enter the designee information (Page 4)

If "Yes"" enter the name and phone number of that person.

Tags: federal,form